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Lenders to consider loan settlement proposal of Religare Enterprises: Religare

Religare has resolved many legacy issues left over by its erstwhile promoters, including settlement with SEBI and becoming debt free, the non-banking financial company (NBFC) said in a statement.

June 02, 2022 / 08:34 AM IST
Religare (Source: Shutterstock)

Religare (Source: Shutterstock)

Religare Enterprises Ltd (REL) on Wednesday said lenders to Religare Finvest Limited (RFL) have agreed to consider a One-Time Settlement (OTS) offer proposed by its debt-ridden subsidiary.

Religare has resolved many legacy issues left over by its erstwhile promoters, including settlement with SEBI and becoming debt free, the non-banking financial company (NBFC) said in a statement.

RFL has received a communication dated May 31, 2022 from its lead lender informing that in a meeting held on May 20, 2022, lenders have in principle agreed to consider the OTS proposal of RFL and to put up the same to their respective authorities, REL said.

RFL, which has been a victim of siphoning off of funds by its erstwhile promoters, has initiated legal actions for recovery and begun its path towards revival, it added.